Call for improved standards after auto dealer software company data breach

Poor data security practices at a software company that supplies services to auto dealers led to a breach that risked exposing the personal information of around 12 million consumers, according to allegations from the US Federal Trade Commission (FTC). The regulator alleged that LightYear Dealer Technologies, trading under the name DealerBuilt, failed to implement readily available and low-cost measures to protect the personal information it obtained from its auto dealer clients. As a consequence, the FTC alleged, there was a breach of DealerBuilt’s backup database beginning in late October 2016 over a 10-day period, when a hacker gained access to the unencrypted personal information of about 12.5 million consumers stored by 130 DealerBuilt customers.

Call for improved standards after auto dealer software company data breach

Jul 16, 2019

Poor data security practices at a software company that supplies services to auto dealers led to a breach that risked exposing the personal information of around 12 million consumers, according to allegations from the US Federal Trade Commission (FTC). The regulator alleged that LightYear Dealer Technologies, trading under the name DealerBuilt, failed to implement readily available and low-cost measures to protect the personal information it obtained from its auto dealer clients. As a consequence, the FTC alleged, there was a breach of DealerBuilt’s backup database beginning in late October 2016 over a 10-day period, when a hacker gained access to the unencrypted personal information of about 12.5 million consumers stored by 130 DealerBuilt customers.

Ford and VW expand global alliance with autonomous and electric vehicle partnerships

Ford Motor Company and Volkswagen have announced they are expanding their global alliance to include electric vehicles and self-driving technology. They will collaborate with autonomous vehicle platform company Argo AI to introduce self-driving technology in the US and Europe in a deal valuing the start-up at $7 billion. Argo AI’s focus is on delivering a self-driving system to be applied for ride sharing and goods delivery services in urban areas.

Ford and VW expand global alliance with autonomous and electric vehicle partnerships

Jul 16, 2019

Ford Motor Company and Volkswagen have announced they are expanding their global alliance to include electric vehicles and self-driving technology. They will collaborate with autonomous vehicle platform company Argo AI to introduce self-driving technology in the US and Europe in a deal valuing the start-up at $7 billion. Argo AI’s focus is on delivering a self-driving system to be applied for ride sharing and goods delivery services in urban areas.

Aldermore appoints Tim Boag as interim business finance managing director

Aldermore, the retail lender that provides financial solutions to UK SMEs, has appointed Tim Boag as interim business finance managing director. Boag (pictured) will be responsible for a range of the bank’s services, such as invoice finance, asset finance and commercial real estate. He replaces Carl D’Ammassa, is leaving the bank after more than five years to become the new CEO of White Oak UK.

Aldermore appoints Tim Boag as interim business finance managing director

Jul 15, 2019

Aldermore, the retail lender that provides financial solutions to UK SMEs, has appointed Tim Boag as interim business finance managing director. Boag (pictured) will be responsible for a range of the bank’s services, such as invoice finance, asset finance and commercial real estate. He replaces Carl D’Ammassa, is leaving the bank after more than five years to become the new CEO of White Oak UK.

 

[Report] Focusing On Customer Outcomes Through Servitization

An emerging key trend in the asset finance sector is the switch from ownership to usership, with consumers increasingly looking for pay-per-use assets rather than outright ownership. Leading software supplier White Clarke Group has sponsored a major piece of research into the implications of this process, dubbed “servitization”, to understand the impact on OEMs and lenders. The research was conducted by Aston Business School’s Advanced Services Group in partnership with White Clarke Group and consultancy firm Invigors. The study includes in-depth discussions and interviews with over 20 finance industry experts, with the first results having been presented at the International Asset Finance Network (IAFN) conference held in London on the 13th of June. The switch from ownership to usership has been most marked among younger consumers in the retail industry, who are increasingly moving to on-demand services. However, it is also now gaining traction across a wide range of industry sectors.

[Report] Focusing On Customer Outcomes Through Servitization

Jun 18, 2019

An emerging key trend in the asset finance sector is the switch from ownership to usership, with consumers increasingly looking for pay-per-use assets rather than outright ownership. Leading software supplier White Clarke Group has sponsored a major piece of research into the implications of this process, dubbed “servitization”, to understand the impact on OEMs and lenders. The research was conducted by Aston Business School’s Advanced Services Group in partnership with White Clarke Group and consultancy firm Invigors. The study includes in-depth discussions and interviews with over 20 finance industry experts, with the first results having been presented at the International Asset Finance Network (IAFN) conference held in London on the 13th of June. The switch from ownership to usership has been most marked among younger consumers in the retail industry, who are increasingly moving to on-demand services. However, it is also now gaining traction across a wide range of industry sectors.

 

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AF50 2019 reveals UK’s biggest asset finance companies

The current leaders of the UK’s dynamic asset finance market have been revealed in the exclusive 2019 Asset Finance 50. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £38 billion, up 6.2% from £35.9 billion in last year’s report. The top 10 firms represent 60.6% of the AF50, up from 59.3% last year, with the largest company, Lombard, accounting for 15% of the market. In addition to profiling the largest companies in the UK asset finance arena, the report includes in-depth analysis of the industry.

AF50 2019 reveals UK’s biggest asset finance companies

May 22, 2019

The current leaders of the UK’s dynamic asset finance market have been revealed in the exclusive 2019 Asset Finance 50. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £38 billion, up 6.2% from £35.9 billion in last year’s report. The top 10 firms represent 60.6% of the AF50, up from 59.3% last year, with the largest company, Lombard, accounting for 15% of the market. In addition to profiling the largest companies in the UK asset finance arena, the report includes in-depth analysis of the industry.

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Call for national vehicle service history database to protect residual values

Vehicle manufacturers, dealers and technology providers are being urged to collaborate to create a new national database of vehicle service histories. The call, from the UK’s Vehicle Remarketing Association (VRA), comes amid concerns that residual values for thousands of cars are being reduced because their printed service histories are not available, even though vehicles may have been properly maintained. Sam Watkins, chair of the VRA, said: “Service histories are seen by traders and buyers as proof that a car has been properly maintained and cared for, and yet at auction, around a quarter of vehicles are presented without a service history.”

Call for national vehicle service history database to protect residual values

Jul 15, 2019

Vehicle manufacturers, dealers and technology providers are being urged to collaborate to create a new national database of vehicle service histories. The call, from the UK’s Vehicle Remarketing Association (VRA), comes amid concerns that residual values for thousands of cars are being reduced because their printed service histories are not available, even though vehicles may have been properly maintained. Sam Watkins, chair of the VRA, said: “Service histories are seen by traders and buyers as proof that a car has been properly maintained and cared for, and yet at auction, around a quarter of vehicles are presented without a service history.”

Northridge Finance to provide motor finance for SsangYong in UK

Northridge Finance has agreed its first OEM partnership to provide motor finance throughout SsangYong’s UK dealer network. The finance company says the partnership, which will trade as SsangYong Financial Services, is a “key milestone” for its UK growth plans. James McGee (pictured right), managing director at Northridge, said: “We see the SsangYong brand gaining increased traction over the coming years and we will play a major part in making sure that this happens.”

Northridge Finance to provide motor finance for SsangYong in UK

Jul 12, 2019

Northridge Finance has agreed its first OEM partnership to provide motor finance throughout SsangYong’s UK dealer network. The finance company says the partnership, which will trade as SsangYong Financial Services, is a “key milestone” for its UK growth plans. James McGee (pictured right), managing director at Northridge, said: “We see the SsangYong brand gaining increased traction over the coming years and we will play a major part in making sure that this happens.”

NETSOL completes acquisition of Virtual Lease Services

Software solutions provider NETSOL Technologies has completed its acquisition of portfolio and risk management service company Virtual Lease Services (VLS). NETSOL has acquired the final 49% of the business after initially investing in a 51% stake in 2011, as part of a joint venture with banking and asset management group, Investec. VLS is a UK-based portfolio and risk management servicing partner for a range of business and consumer finance providers in the industry. It provides a back-office solution supporting complex, middle and large ticket leases, SME instalment credit, and consumer loans, with nearly £500 million receivables under management.

NETSOL completes acquisition of Virtual Lease Services

Jul 12, 2019

Software solutions provider NETSOL Technologies has completed its acquisition of portfolio and risk management service company Virtual Lease Services (VLS). NETSOL has acquired the final 49% of the business after initially investing in a 51% stake in 2011, as part of a joint venture with banking and asset management group, Investec. VLS is a UK-based portfolio and risk management servicing partner for a range of business and consumer finance providers in the industry. It provides a back-office solution supporting complex, middle and large ticket leases, SME instalment credit, and consumer loans, with nearly £500 million receivables under management.

 

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Charity Bank replaces legacy core banking system with Apak Group software

Ethical banking organisation Charity Bank has announced a new partnership with financial software provider Apak Group to implement its Aurius platform. The system will replace Charity Bank’s legacy core banking system and will go live before the end of 2019. Aurius is a banking platform that also manages online applications for accounts and provides an in-built workflow management system to streamline processes.

Charity Bank replaces legacy core banking system with Apak Group software

Jul 15, 2019

Ethical banking organisation Charity Bank has announced a new partnership with financial software provider Apak Group to implement its Aurius platform. The system will replace Charity Bank’s legacy core banking system and will go live before the end of 2019. Aurius is a banking platform that also manages online applications for accounts and provides an in-built workflow management system to streamline processes.

Company car remains core transport option amid growing interest in mobility services

Companies see mobility solutions as value-added services to support their vehicle fleets, rather than a service that will replace them, new research shows. Only a minority of companies say they are ready to give up all or part of their fleet for alternative mobility solutions, although a substantial proportion say they are already using some mobility services or would consider them in the next three years to supplement their fleet. The pan-European survey of nearly 4,000 transport executives was conducted by the Arval Mobility Observatory. Shaun Sadlier (pictured), head of the observatory’s UK arm, said: “What is clear above all is that the company car looks set to remain the core transport method for the foreseeable future. “While decision makers and employees in organisations are interested in mobility solutions, it appears that the vast majority see them as supplementing or being a partial alternative to the traditional fleet.”

Company car remains core transport option amid growing interest in mobility services

Jul 15, 2019

Companies see mobility solutions as value-added services to support their vehicle fleets, rather than a service that will replace them, new research shows. Only a minority of companies say they are ready to give up all or part of their fleet for alternative mobility solutions, although a substantial proportion say they are already using some mobility services or would consider them in the next three years to supplement their fleet. The pan-European survey of nearly 4,000 transport executives was conducted by the Arval Mobility Observatory. Shaun Sadlier (pictured), head of the observatory’s UK arm, said: “What is clear above all is that the company car looks set to remain the core transport method for the foreseeable future. “While decision makers and employees in organisations are interested in mobility solutions, it appears that the vast majority see them as supplementing or being a partial alternative to the traditional fleet.”

FCA launches new in-vehicle commerce platform through over-the-air update for its connected cars

Global vehicle manufacturer Fiat Chrysler Automobiles (FCA) has launched a new in-vehicle commerce platform through which customers can order and pay for fuel or food and book reservations. Through Uconnect Market, drivers can also find the closest stores, including petrol stations, and obtain money-saving incentives to shop at certain outlets. Drivers can also locate and pay for nearby parking and schedule service appointments at FCA dealerships.

FCA launches new in-vehicle commerce platform through over-the-air update for its connected cars

Jul 11, 2019

Global vehicle manufacturer Fiat Chrysler Automobiles (FCA) has launched a new in-vehicle commerce platform through which customers can order and pay for fuel or food and book reservations. Through Uconnect Market, drivers can also find the closest stores, including petrol stations, and obtain money-saving incentives to shop at certain outlets. Drivers can also locate and pay for nearby parking and schedule service appointments at FCA dealerships.

 

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Volvo completes first online car sale in UK

Volvo Car UK has completed the first fully online vehicle sale on its new digital finance platform. The manufacturer claims the platform, called Volvo Online, is the most complete online sales offering from any car manufacturer, with the entire purchase process taking as little as 20 minutes. The site offers customers a range of finance options including personal contract purchase, personal contract hire, conditional sale and outright purchase.

Volvo completes first online car sale in UK

Jul 12, 2019

Volvo Car UK has completed the first fully online vehicle sale on its new digital finance platform. The manufacturer claims the platform, called Volvo Online, is the most complete online sales offering from any car manufacturer, with the entire purchase process taking as little as 20 minutes. The site offers customers a range of finance options including personal contract purchase, personal contract hire, conditional sale and outright purchase.

Haydock Finance appoints Andrew Derby as asset finance relationship director

Haydock Finance has appointed Andrew Derby to the new role of relationship director for its asset finance business. He will be responsible for forming and maintaining strategic relationships to support the future growth of the company’s asset finance portfolio as Haydock Finance agrees larger and more complex deals. Derby said: “I’m excited to develop our capability and further contribute towards driving the business forward. There’s a culture of internal promotion and personal development here which explains the well-established, high calibre team which already provides market leading levels of service.”

Haydock Finance appoints Andrew Derby as asset finance relationship director

Jul 11, 2019

Haydock Finance has appointed Andrew Derby to the new role of relationship director for its asset finance business. He will be responsible for forming and maintaining strategic relationships to support the future growth of the company’s asset finance portfolio as Haydock Finance agrees larger and more complex deals. Derby said: “I’m excited to develop our capability and further contribute towards driving the business forward. There’s a culture of internal promotion and personal development here which explains the well-established, high calibre team which already provides market leading levels of service.”

Bibby Financial Services appoints global head of digital

Bibby Financial Services (BFS) has appointed Laure Moyle as global head of digital. Moyle is tasked with increasing the finance company’s digital footprint and will head up a team of six. Anna Lisa Tazartes, global marketing director at Bibby Financial Services, said: “As increasing numbers of SMEs embrace the digital age, we want to ensure that our digital experience matches their expectations. We are making significant steps to optimise our digital customer experience and the appointment of Laure will take us one step further.”

Bibby Financial Services appoints global head of digital

Jul 10, 2019

Bibby Financial Services (BFS) has appointed Laure Moyle as global head of digital. Moyle is tasked with increasing the finance company’s digital footprint and will head up a team of six. Anna Lisa Tazartes, global marketing director at Bibby Financial Services, said: “As increasing numbers of SMEs embrace the digital age, we want to ensure that our digital experience matches their expectations. We are making significant steps to optimise our digital customer experience and the appointment of Laure will take us one step further.”

High-tech vehicles force up fleet insurance premiums

The latest complex vehicle technology is forcing up insurance premiums because it is so expensive to fix in the event of an incident, industry experts warn. In the UK, claims repair costs at the start of 2019 reached the highest level on record, totalling £1.2 billion. The Association of British Insurers (ABI) blamed a part of the rise on “increasingly sophisticated technology used in cars”. Although much of it is safety focused and intended to reduce claims, when incidents occur, the damage tends to be much more costly. The leasing industry is responding by offering insurance services with their vehicles to try to reduce costs for customers.

High-tech vehicles force up fleet insurance premiums

Jul 10, 2019

The latest complex vehicle technology is forcing up insurance premiums because it is so expensive to fix in the event of an incident, industry experts warn. In the UK, claims repair costs at the start of 2019 reached the highest level on record, totalling £1.2 billion. The Association of British Insurers (ABI) blamed a part of the rise on “increasingly sophisticated technology used in cars”. Although much of it is safety focused and intended to reduce claims, when incidents occur, the damage tends to be much more costly. The leasing industry is responding by offering insurance services with their vehicles to try to reduce costs for customers.

Thousands of UK SMEs seeking finance to improve cash flow

Thousands of UK companies plan to use finance to improve their cash flow in the future, according to new research. Analysis by Purbeck Insurance Services found that 28% of SME executives interviewed said they were turning to external funders, including to cope with late payments.

Thousands of UK SMEs seeking finance to improve cash flow

Jul 10, 2019

Thousands of UK companies plan to use finance to improve their cash flow in the future, according to new research. Analysis by Purbeck Insurance Services found that 28% of SME executives interviewed said they were turning to external funders, including to cope with late payments.

Wesleyan Bank supports DND Finance with £15 million asset finance facility

Wesleyan Bank, the specialist provider of commercial funding solutions, has expanded its wholesale finance facility for DND Finance to include asset finance. DND Finance is a niche funder to professions and small businesses throughout the UK and has been providing business loans, vehicle and equipment finance and leasing for the past decade. The facility expands on a professions loan facility agreed between DND Finance and Wesleyan Bank last year.

Wesleyan Bank supports DND Finance with £15 million asset finance facility

Jul 09, 2019

Wesleyan Bank, the specialist provider of commercial funding solutions, has expanded its wholesale finance facility for DND Finance to include asset finance. DND Finance is a niche funder to professions and small businesses throughout the UK and has been providing business loans, vehicle and equipment finance and leasing for the past decade. The facility expands on a professions loan facility agreed between DND Finance and Wesleyan Bank last year.

 

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Asset finance share of UK equipment investment highest for a decade in May

Asset finance new business (primarily leasing and hire purchase) in the UK for deals of up to £20 ...

Asset finance share of UK equipment investment highest for a decade in May

Jul 05, 2019

Peer-to-peer lender Zopa set to expand with new auto finance business

Peer-to-peer lending pioneer Zopa has launched a new car finance operation in the UK as it seeks t...

Peer-to-peer lender Zopa set to expand with new auto finance business

Jul 08, 2019

Simply secures £60 million funding package from Citi

UK-based asset finance provider Simply has secured a £60 million warehouse facility from global ba...

Simply secures £60 million funding package from Citi

Jul 09, 2019

Positive Cashflow Finance reshuffles senior management team after David Smith steps down

David Smith has stepped step down as managing director of Positive Cashflow Management as part of ...

Positive Cashflow Finance reshuffles senior management team after David Smith steps down

Jul 09, 2019

 

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